Just whom is gold really so 'dangerous' to?

Gold, Izabella Kaminska of the Financial Times asserts in a 12-minute video posted this month, is "our dangerous obsession," a "frivolous" thing, a "decadent luxury," "anti-social," "a wastage of human potential," a mechanism for "destabilizing society" with selfishness, used to "hoard" wealth by people who should entrust it to banks for investment in financial assets -- like stocks priced at a hundred times earnings or government bonds with negative yields. You know -- the sort of products sold by the primary advertisers of the Financial Times.

And yet Kaminska concludes her parody of financial journalism by declaring that "gold is most valuable to society when it becomes a currency" -- as if gold isn't already a currency and as if governments and central banks aren't doing their damnedest to prevent the monetary metal from becoming even more of a currency competing with their own currencies.

Of course Kaminska never addresses the matter of why, if gold is so awful, central banks are trading it, in the words of the director of market operations of the Banque de France, "nearly on a daily basis" --

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